munKNEE.com Your Key to Making Money
An original article by Lorimer Wilson, Founder and Managing Editor of munKNEE.com – a site for sore eyes and inquisitive minds and your KEY to making money – which was first posted on TalkMarkets.com under the title “Canadian Cannabis LPs Portfolio Went Down 7% Last Week” .
An Introduction
The munKNEE Canadian Cannabis LPs Portfolio, consisting of the 5 largest Canadian cannabis licensed producers, jumped 52% on Tuesday, April 30th, with the news that the DEA planned to follow through on the September, 2023, recommendation from the Department of Health and Human Services that cannabis be reclassified from that of a Schedule I drug to a less stringently regulated Schedule III drug.
In my article at the time (see here) I commented that “it remains to be seen how soon the enthusiasm will wane” like it had back in September, 2023, when it had soared by 122% within 3 weeks (i.e. by mid-September) of the announcement only to retreat by the end of October to below what it had been when the reclassification was initially recommended.
Well, it appears to be déjà vu all over again! The Portfolio has already dropped by 30.5% since April 30th as a result of the 6.9% decline in the Portfolio last week. Below are the details by constituent, in descending order, and any recent pertinent news:
- Cronos (CRON): UP 3.7% last week; DOWN 5.4% since April 30th
- Aurora (ACB): DOWN 4.5% last week; DOWN 29.9% since April 30th
- Organigram (OGI): DOWN 5.4% last week; DOWN 17.4% since April 30th
- Tilray (TLRY): DOWN 7.6% last week; DOWN 21.5% since April 30th
- Canopy Growth (CGC): DOWN 11.6% last week; DOWN 39.1% since April 30th
Average: DOWN 6.9% last week; now DOWN 30.5% since April 30th